February 14, 2023 13:09 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India , Feb. 14, 2023 (GLOBE NEWSWIRE) -- Cnc Precision Components
The global Computer Numerical Control (CNC) Machine market size was USD 83.99 billion in 2021. The market is projected to grow from USD 86.83 billion in 2022 to USD 140.78 billion in 2029 at a CAGR of 7.1% in the 2021-2028 period. This growth can be attributed to the rising need for efficiency in complex machining products and increasing demand for mass customization. The market report titled "CNC Market, 2022-2029" by Fortune Business Insights™ The increasing investment in IoT in manufacturing is driving the global market growth.
MES Inc. announced the acquisition of Versatech, LLC, which operates as a prominent manufacturer of CNC machine solutions. This acquisition will augment intentions of MES Inc. to increase its prominence in the last mile manufacturing industry.
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Robust Demand for CNC from the Healthcare Sector to Foster Industry Growth
The market is expected to be positively impacted during the COVID-19 pandemic due to robust demand for CNC (Computer Numerical Control) machines from the healthcare sector. The sudden spike in COVID-19 infection led to automation in several industries. This factor enhanced the demand for technology in the healthcare sector. Furthermore, the pharmacy sector also facilitated this industry due to the strong demand for efficient technologies to produce healthcare products and services. Moreover, rapid digitalization leads to the adoption of CNC machines. These factors facilitated industry growth during the pandemic.
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Computer Numerical Control (CNC) Machine market Drivers & Restraints:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Companies Operating in Computer Numerical Control (CNC) Machine Market Analysis Report:
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Metal Cutting Segment to Dominate Attributable to High Accuracy
By type, the market is segmented into metal cutting and metal forming.
The metal cutting segment is expected to lead due to its high accuracy, focus on energy efficiency, and time. Further, strong demand for excellent performance and precision control may bolster segmental growth.
Precision Engineering Segment to Dominate Attributable to Strong Demand Across the Industrial Sector
Based on application, the market is classified into transport machinery, precision engineering, general machinery, automotive, and others.
The automotive segment is expected to dominate, attributable to the rising demand for CNC machines across the industrial sector. Furthermore, the strong demand for highly efficient parts in the automotive sector is expected to enhance the CNC machine industry’s growth.
Regionally, the market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Strong Demand for Precision Products to Foster Growth in Asia Pacific
Asia Pacific is expected to dominate the CNC machine market share due to the rising demand for precision products in lesser time. The market in Asia Pacific stood at USD 45.73 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Further, the mass production of semiconductors, aerospace, medical, and automotive applications may bolster the CNC machine industry’s growth.
In North America, the rising adoption of machine tools for use in metalworking plants is expected to boost CNC machine adoption. Furthermore, strong demand from the aerospace, construction, food & beverage, and automotive sectors is expected to enhance the industry’s growth.
Major Players Enter into Collaborations to Expand Market Reach
The prominent companies operating in the market enter into collaborations to expand their market reach. For example, Fanuc Corporation collaborated with Preferred Networks, Inc. to develop the AI Servo Monitor. The software collects and controls feed axis and spindle axis machines with high-speed sampling and enhances the overall performance. This strategy may allow the company to tap into a wider audience and expand its market reach. Furthermore, major companies devise research and development, mergers, expansions, product launches, and automation to achieve organizational goals and boost market position.
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How big is the Computer Numerical Control (CNC) Machine market?
The global CNC machines market size was estimated at USD 83.99 billion in 2021 and is expected to reach USD 86.83 billion in 2022
What is the Computer Numerical Control (CNC) Machine market growth?
The global CNC machines market is expected to grow at a compound annual growth rate of 7.1% from 2022 to 2029 to reach USD 140.78 billion by 2029
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